Singapore Sealants Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

Singapore Sealants Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The Singapore Sealants Market is projected to register a CAGR of 4.85%

Key Highlights

• Largest Segment by End User Industry - Healthcare : In Singapore, healthcare is the dominant end-user industry owing to the wide range of sealant applications for medical device production and assembly.
• Fastest-growing Segment by End User Industry - Aerospace : The aerospace industry is likely to witness the fastest growth owing to the increasing demand for civil and general aircraft in the country.
• Largest Segment by Resin - Silicone : Silicone sealant accounts for the largest share owing to its wide applications in healthcare, electronics, building and construction, and other end-user industries.
• Fastest-growing Segment by Resin - Polyurethane : Owing to their wide applications in building construction and automotive industries, specifically for exterior applications, polyurethane resin is expected to witness the fastest growth over the coming years.

Key Market TrendsHealthcare is the largest segment by End User Industry.

• The Singaporean sealants market is dominated mainly by the other end-user industries segment, followed by the healthcare industry. The other end-user industries segment comprises electronics and electrical components, locomotive and marine, DIY, etc., of which the electronics industry holds the major share due to the diverse applications of sealants in the electronics manufacturing industry for potting and protecting materials. They are used for sealing sensors and cables, etc. Moreover, the rapid growth of e-commerce activities, along with the strong market positioning of the consumer electronics segment, is likely to propel the size of the Singaporean sealants market. However, the electronics industry's growth declined in 2020 due to the COVID-19 pandemic and resultant restrictions, which caused a scarcity of raw materials. However, the raw materials supply chain was restored in 2021, which led to a hike in demand for sealants across the country.
• DIY applications, such as waterproofing, weather-sealing, cracks-sealing, and joint-sealing, have also recently gained popularity. Sealants are specifically designed to provide longevity and ease of application on different substrates. The DIY industry in Singapore is expected to grow at a rate of 14.31%, which will create scope for the sealants market over the coming years.
• The healthcare industry primarily uses sealants for assembling and sealing medical device parts. Medical-grade sealants have unique applicability to various substrates such as glass, metal, plastic, painted surfaces, etc., and their features, such as weather-proofing, heat resistance, and anti-aging, are likely to boost the sealants' demand. Singapore is expected to register significant growth in medical device manufacturing due to unprecedented demand from the domestic sector. Such developments are expected to boost the demand for sealants over the forecast period.

Competitive Landscape

The Singapore Sealants Market is moderately consolidated, with the top five companies occupying 60.79%. The major players in this market are 3M, Dow, Henkel AG & Co. KGaA, Shin-Etsu Chemical Co., Ltd. and Sika AG (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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